Customer's Awareness towards E-Banking Services

Abstract

In the fast-changing competitive environment, in spite of globalization, economic changes regulation, privatization and the like demands that banks are run efficiently and effectively by continuously engaging in technological innovations. Emergence of new technologies, products, markets and competitors places demand on any organization to apply any skills necessary to remain competitive and achieve competitive advantage. Every well managed bank undertakes technological innovations which will enable it to have a competitive edge over the others. These innovations are intended to facilitate a firm’s sustainability in the face of growing competition and external threats. The information and communication technologies are updating the banking sector over the years. The fast development and commercialization of Information and Communication Technologies (ICTs) banking industry has encouraged banks to increasingly adopt these technologies. Today, e-banking is used as a strategic tool by the global banking sector to attract and retain customers. Tremendous progress in the field of information technology has reduced the world to a global village and it has caused unprecedented changes in the banking industry. Huge developments in the technology of telecommunications and electronic data processing have further stimulated these changes. Automation has revolutionized financial and banking sectors globally.